Special offer

Secret "formula" for getting a short pay offer accepted by the lender

By
Real Estate Agent with REMAX of Valencia/Santa Clarita CalBRE# 01729357

 

By using my secret "formula" sheet I just got the bank to accept my buyer client's offer on another short pay! The listing agent called me and told me that she was very impressed with how I worked the numbers to get them to take what initially appeared to be a lower offer than what she expected them to accept. Here is my secret for those who are interested: It works especially well on the smaller homes in the neighborhood or tract. I took the most recent sales(about 8 months) in the neighborhood tract, which had consisted of slightly to much larger homes. I added up the sales prices of all of the recently sold homes. I broke them down to a per square foot dollar average and then multiplied that number by the square feet in the desired little house. This caused the "full market value" of the desired house to be much lower than the bank's listed price. The bank usually wants to get 90% of the full market value. By submitting my formula with an explanation of each step I convinced them that my client was actually offering them 94% of the "real" current market value and they happily accepted our offer. Let me know if you would like my special secret "formula" sheet.  

Lauren Nemeschansky
REMAX of Valencia/Santa Clarita - Santa Clarita, CA

Hi All,

Thank you for your comments, I will be sending you my formula sheet very soon. It is very good for  listing agents to use it so that you can get the lender to lower their required price or as the buyer's agent to help the listing agent negotiate the price down with the lender so that they accept your offer. "Teamwork" is the key for getting a short pay approved by the bank. Short pays are so new for many of us since the market has been strong for such a long time in many areas of the country. If you help and share your knowledge with the other agent involved in the process it will pay off big time.

Sep 20, 2007 06:09 PM
Sarah Nopp
South Sound, WA
It has become a different world as far as Short Sales go. It used to be a rather polite exchange. Now it can be so difficult. I think I will address it the next time I send out a newsletter...
Sep 20, 2007 06:57 PM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!
Very clever thinking Lauren. It just goes to show it's all in ones perspective. If you are still sending copies out, I would like one also.
Sep 25, 2007 03:09 AM
Kimberly Becica
RE/MAX of Valencia - Santa Clarita, CA
SFR, CDPE, GRI, SRES, e-PRO
I would love your formula sheet. Thanks for sharing :>)
Oct 25, 2007 10:34 AM
Anonymous
Mark Payne

I would love your formula, I'm in New York and there are more Short Sales than we can keep track of.  your system makes alot of sense, i.e. the Per Square Footage approach opposed to Market Value.  Here in NY everything is overpriced and that ratio may be attractive to the banks more so than pre-2007 appraisals.

Thanks for the offer

mpayne@cbmtrust.com

 

May 18, 2008 05:05 AM
#13
Anonymous
Lori Lamb

I would love a copy of your formula sheet.  I hope you are still checking this blog. Thanks so much!

Aug 22, 2008 02:50 PM
#14
Anonymous
Lori Lamb

Here's' my email address:   LoriA.Lamb@yahoo.com

THanks again!

Aug 22, 2008 02:50 PM
#15
Anonymous
MONIQUE VARGAS

LAUREN YOUR A DREAM COME TRUE. IM IN A DIFFICULT TIME, MY FAMILY AND I HAVE BEEN GOING IN CIRCLES. OUR SHORT SALE PACKAGE HAS BEEN REJECTED 2 TIMES WITH NO EXPLAINATION. I JUST DON'T UNDERSTAND IT AND I FEEL MY AGENT CAN'T HELP BECAUSE HER NUMBERS WEREN'T EXCEPTED. I DECIDED TO TRY MYSELF BUT FOUND NOTHING THAT COULD HELP ME. SO PLEASE I HOPE YOU CAN SHARE YOUR FORMULA SHEET SO I CAN UNDERSTAND AND CONTINUE ON WITH MY LIFE... THANKS!!!

Sep 19, 2008 06:13 AM
#16
Anonymous
Rachael Miller

I would love your sheet!  Thanks!

Sep 29, 2008 10:07 AM
#17
Anonymous
Rachael
Sep 29, 2008 10:18 AM
#18
Norma Crouse
HER Realtors - Pataskala, OH
Norma Crouse

I have never heard of that, but that makes perfect sense to me.

Sep 29, 2008 10:25 AM
Jerry Becker
Jerry Becker and Associates - Littleton, CO
Littleton, Colorado

Great idea.  Please forward me a copy of your 'formula sheet'.  Thanks! jbeckerhomes@comcast.net

Sep 29, 2008 01:56 PM
Anonymous
willjb

Please forward me a copy of your 'formula sheet'

netposting_1@hotmail.com

Nov 07, 2008 11:45 AM
#21
Anonymous
Don

If possible I am just starting on my first deal, can you send one over to me?

 

Thank much,

freedom4life07@yahoo.com or DonHayes@SuccessProven.com

Nov 15, 2008 02:25 PM
#22
Anonymous
Vanessa

I am looking to purchase a short sale in New York for our DREAM home!!!! We are  a bit lost, can you please send a copy of your formula sheet? THANK YOU!

Feb 24, 2009 10:35 PM
#23
Anonymous
Corinne

your formula sheet would be such a help-- could you send it to me?

 

Many thanks!

Corinne

Jun 02, 2009 04:05 AM
#24
Anonymous
Misty

Thank you for your information.  I would like to get your formula sheet.

 

Success for All

Misty

Aug 13, 2009 12:24 PM
#25
Anonymous
Elizabeth Madrid

Hi yes can you please share with me on what the formula is for short sale to get accepted faster.

Feb 25, 2010 11:11 AM
#26
Anonymous
Kathleen
Hi, please send me a copy. THANKS!
Jul 07, 2010 07:12 PM
#27
Anonymous
Jermaine

Hi,

can you pleasee send me a copy. I would really appreciate it. thank you so much

Dec 14, 2011 12:31 PM
#28